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This question is about oil and gas industry statistics.
What are the current trends in the oil and gas industry?
The current trends in the oil and gas industry are that both demand and prices are increasing.
For at least the last ten years, the global demand for crude oil and natural gas had increased every year - except in 2020, when demand dropped by over eight million barrels per day since people weren't traveling as much during the COVID-19 pandemic lockdowns.
(Oil demand was at just 91 million barrels a day in 2020, as opposed to 2019's 99.7 million barrels per day.)
In 2021, the demand increased to 96.5 million barrels per day, which still isn't quite up to 2019 levels. This number is projected to continue to rise, though, reaching 104.1 million barrels a day by 2026.
Demand isn't the only thing that's increasing, however. Prices have been going up since 2020 as well, due in part to both the COVID-19 pandemic and the Russian invasion of Ukraine.
In 2019, oil cost an average of $64.30 per barrel, and in 2021, it cost an average of $70.68 a barrel. This jump is even more dramatic from 2020's average price of $41.96 per barrel.
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